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Paper Abstract: Discusses two book collections. Editor's primary goal. Approach of two generations of economists. Recurring themes of influences on their lives, role of education, and how each economist uses his/her work in a societal context. Differences between the generations regarding approach of older and younger generations. Paper Introduction: Introduction Editor Michael Szenberg has compiled essays written by leading economists of the twentieth century. The first collection, Eminent Economists: Their Life Philosophies, focuses on economists who came of age during the early part of the century when the Great Depression shaped much of the discussion of economics and when socialist thought enjoyed a much larger following among America's intellectual and cultural elite than it does now. The second book, Passion and Craft: Economists at Work, includes essays by the economists who, in some cases, learned from those included in the first book. In Passion and Craft, the economists are younger and come from diverse ethnic backgrounds compared to their predecessors. The books' primary goal is not to provide a forum for the economists to expound on th Text of the Paper: The entire text of the paper is shown below. However, the text is somewhat scrambled. We want to give you as much information as we possibly can about our papers and essays, but we cannot give them away for free. In the text below you will find that while disordered, many of the phrases are essentially intact. From this text you will be able to get a solid sense of the writing style, the concepts addressed, and the sources used in the research paper. For Deirdre McCloskey, the fact that academia and economics are soclosely related is increasingly becoming a problem rather than a benefit.Demands on professors' time comes increasingly not from research or fromstudents, but from the administrative tasks associated with helping aneducational institution run smoothly. Musgravesuggests that economists are social scientists and that their task differslittle from other types of scientists (those who are engaged in what aretraditionally considered the "hard sciences." Objective analysis iscritical, according to Musgrave, but problematic since even selectinghypotheses introduces bias and is a process based on eliminating successiveoptions. The younger economists have, to no small degree,experienced a different environment precisely because of the work of thosewho came before them. Without theircontribution, today's economists might well be left to "stumble" intoeconomics from the more rigorous sciences. Economists rely on colleges anduniversities for their employment (generally speaking), and colleges anduniversities rely on government assistance for their funding. Eminent economists: Their life philosophies. Ed: Szenberg, M. (2 1). In short, economists should rely on theirpolitical instincts and leanings as much as on their technical training(Samuelson, p. Ann Arbor,MI: University of Michigan Press. Economics, according to Samuelson, is thus aboutthe policy recommendations that take place, not about the analysis itself.Economists are social scientists using economic analysis to determine howto shape and change society. 177). A second recurring theme is the role that education played in thecareers and lives of these individuals; more specifically, the role thatformal education played. Far from suggesting that economics is objective, Musgrave holdsthat it is most certainly subjective, and subject to the personal leanings(intellectual and political) of the economist involved (Musgrave, p. References Debreu, G. Differences Between the Generations Both generations focus on using economics to further political ends;in the case of the younger generation, there seems to be greater emphasison having entered the field precisely to accomplish this. N. However, it is not only in the field of economics that specializationhas taken place. 191). A. Cambridge:Cambridge University Press. William Landes freely admits to coming to economics through acircuitous route that included being an art major while in high school.For Landes, Columbia University offered not just (or even primarily) theopportunity to engage in stimulating academic work, but the opportunity togo to jazz clubs and to enjoy the life of Greenwich Village. That said, the differences between the two generations suggest thatwhile considerable advances have been made in the acceptance of economicsas a science and the increasing use of technical tools to support economicthought, these gains have been made at the expense of the real-worldexperience of economists. 187). Eminent economists: Their lifephilosophies. Duty and creativity in economic scholarship. G. Passionand craft: Economists at work. Samuelson, P. In Passion and Craft, the economists areyounger and come from diverse ethnic backgrounds compared to theirpredecessors. Debreu also came to economics through mathematics, and physics aswell as mathematics have influenced his economic and professional life(Debreu, p. Hahn, F. M. Some record-keeping is required when government funds are used to support a particularresearch project, and that takes away from the time that professors canspend on other, more traditional academic activities. Debreu welcomedthe increased emphasis on scholarship and scholastic rigor that came intothe field beginning in the middle of the twentieth century. The books' primary goal is not to provide a forum for the economiststo expound on their approach to economics or economic theory, as such.Instead, Szenberg asked the contributors to ruminate on how and why they dowhat they do. He may welldisagree with free market advocates in terms of what they recommend, but heunderstands their analysis and the reasons that they have arrived at theirprescriptive solutions. A. Conclusion There are very real differences in the way that the older generationof economists approached their work and the way in which younger economistsapproach theirs. (1993). Understanding this process yields insight into why particularthinkers approach economics in a particular fashion, and helps the readerunderstand how it is possible that leading economists can disagree onfundamental issues of policy (such as free trade) in today's politicalenvironment. The emphasis is on how they arrived at their professionalstation, and in some cases, why they entered the field of economics at all. Recurring Themes By virtue of the nature of the "assignment" that the contributors toboth books were given, there is an overriding theme of examining theinfluences that helped them make the decision to enter the field ofeconomics. AlthoughHahn's father suggested economics (although Hahn questions whether hisfather understood that field), Hahn initially focused on mathematics (Hahn,p. Ed: Szenberg, M. Social science, ethics and the role of the publicsector. Introduction Editor Michael Szenberg has compiled essays written by leadingeconomists of the twentieth century. Today, many leadingeconomists are associated with educational institutions, and it is notsurprising that education, teaching and the role of universities in thefield of economics recurs throughout the essays. 236).For Samuelson, the policy recommendations that emerge from economicanalysis are the most important part of his role in economics. Stillinterested in music and art when he entered Columbia, Landes continues touse his imagination and creativity in his now-chosen field of economics(Landes, p. Ed:Szenberg, M. (2 1). Mankiw, N. Ann Arbor, MI: University of MichiganPress. Eminent economists: Their life philosophies.Cambridge: Cambridge University Press. Landes, W. Ed: Szenberg, M.(1993). Ed: Szenberg, M.(2 1). 16 ). Comments on the Themes A number of economists entered the field from mathematics. Szenberg's examination of those mostinfluential in their field provides valuable insight into what has beengained--and lost--over the past century, and similar examinations of otherfields might prove equally enlightening. The greatest difference between the two generations it that theapproach of the second generation (entering economics as a way to furtherpolitical goals) is possible because of the work of the first generation.Economics as a formal field of study is popular and accessible now becauseof the work of Samuelson and those of his generation. Gregory Mankiw is a contemporary economist who recognizes theinfluence that the educational system had on his professional development.As a senior at Princeton, Mankiw published a paper in the Journal ofMonetary Economic Theory; he then entered the graduate program at MIT, aneducational institution which has had a significant effect on economicthought in recent years (Mankiw, p. Samuelson takes a critical view of the role of education in that hefinds education in general, and economics education in particular, limitingin terms of the questions that receive attention. 242).Education, in this form, is limiting rather than liberating. Musgrave devotes nearly his entire essay toconsidering the social contract between individual and society. N. Passion and craft: Economists at work. McCloskey, D. Random walk and life philosophy. The same is true for the older generation, but there is a subtledifference in their approach. In addition,the contributors to Eminent Economists are generally more self-effacingabout their histories and about their participation in the project at all.Hahn, for example, begins his essay by noting that he intends to takeadvantage of the opportunity to engage in self-indulgence (Hahn, p. While economists today enjoy a field ofconsiderable depth, with areas of specialization that could not have beenconceived by their predecessors, their education has narrowed considerablyin scope to the point that today's economists are specialists who may notfully appreciate the wider implications of their work. David Gordon,for example, determines which research questions he will address based onhis own political philosophy and the ramifications of the economic questionon policy (Gordon, p. 11 ). Economics is a field that gained widespreadrecognition through the work of Samuelson and his contemporaries, and theeducational opportunities available to economists are certainly greatertoday than at the beginning of the twentieth century. Passion and craft: Economists at work. Paul Samuelson admits to be a liberal in the "American" sense (meaningthat he does not feel guilty that his income has risen about the median,for example, but that he finds inequality abhorrent (Samuelson, p. 161). With regard to the third theme, the relationship between economics andthe "real world," Richard A. Similarly, all of the economists (save one) inthe first book are white males of European descent (the exception isShigeto Tsuru, from Japan), a fact which no doubt is telling about the waythat economic thought evolved in the twentieth century. The older generation of economists werelargely attracted to mathematics or other sciences and pursued educationalchoices that would further that understanding. My rules of thumb. (2 1). Women are represented in the second text andcomment on the challenges of being a woman in a male-dominated field, aswell as on the consequences that being a woman has had on their approachesto economics in general. Articles thatwere published in respectable journals of the time contained technicalerrors which were simply overlooked; such an approach is not acceptabletoday and Debreu maintains that the increased rigor has improved both thequality of the work being done as well as the acceptance that the workgarners in the larger world (Debreu, p. According to Samuelson,determining how something works (or at least developing a reasonably cogenttheory about how something works) inevitably shapes the question of why itworks in that particular way. In this way,educational institutions are moving away from (if they ever were), isolatedcampuses of academic freedom where research and teaching were theoverriding and primary goals. Ann Arbor, MI: University of Michigan Press. (1993). My life philosophy: Policy credos and working ways.Ed: Szenberg, M. Gordon, D. The second book, Passion and Craft: Economists at Work,includes essays by the economists who, in some cases, learned from thoseincluded in the first book. Ed: Szenberg, M.(1993). For some,this has resulted in political activism; for others, economics has provideda way to understand the larger workings of society. Education, both in its training of economists and in its setting asthe background against which most economic thought is developed, is acritically important part of the lives of these essayists. Cambridge:Cambridge University Press. Politics and precision: Pursuing economics outside themainstream. Perhaps the most subtle difference between the two books is that thefirst, composed of eminent economists from the early twentieth century,includes no essays by women. The Art of law and economics. Passion and Craftfeatures economists of various ethnic backgrounds, and that economicsitself has a more diverse "face" no doubt has influenced the changes ineconomic theory in the latter half of the twentieth century. This research considers the recurring themes of the two books, andexamines the different ways in which the two generations of economistsapproach those themes. 113). The writers themselves had considerable latitude in determining how theyapproached these issues, and the result are collections of essays that arewide-ranging and which offer insight into the process by which currenteconomic theory is developed. 1 7). M. There are benefits to specialization, of course,and it is not clear that economics as a whole is better with generalists orspecialists guiding its direction. The first collection, EminentEconomists: Their Life Philosophies, focuses on economists who came of ageduring the early part of the century when the Great Depression shaped muchof the discussion of economics and when socialist thought enjoyed a muchlarger following among America's intellectual and cultural elite than itdoes now. Eminent economists: Their life philosophies. When they were exposed toeconomics (largely through accident it would seem), they found a way tocombine their academic leanings with their social and political interests.It is through the work that these so-called pioneers accomplished that itbecame possible for those who followed to view economics from the beginningas a way to combine scientific tools with social responsibility. Passion and craft: Economists atwork. The last theme to be examined here might be termed "appliedeconomics." There is a recurring theme among these essayists about howthey use their work in economics in a larger societal context. Musgrave, R. 238). 156). Similarly,professors are called upon to referee works for publications put forth bycolleagues; since professors may well need such reviews themselves in thefuture, they are inclined to assist (McCloskey, p. Samuelson holds that rather than focusing onthe "why" as the first question, academia is increasingly focused on the"how" and then only examines the resultant "why" (Samuelson, p. The younger generation viewed economics as away to further their political goals and approach it in that manner. The traditional liberal arts education is becomingincreasingly rare; instead, students are specializing their education forparticular career path. Economics is not only an accepted field of studyat both the undergraduate and postgraduate levels, it uses otherdisciplines (including mathematics) in its execution. Ed: Szenberg, M. Cambridge: Cambridge University Press. Autobiographical notes with reflections. Ann Arbor, MI:University of Michigan Press. 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